Birmingham-based Bond Wolfe Auctions plans to launch stand-alone commercial auctions in spring 2021 on the back of growing demand.
Commercial and land lots accounted for 50 of the 207 lots offered in its sale last week – the highest number since the auction division launched in January 2019.
It has sold £30m of commercial property at auction since launch and £25m of commercial property through Bond Wolfe Commercial, the agency division, over the same period.
The latest live-streamed sale on 16 September raised £18.8m, with 196 properties finding buyers, a 95% success rate. Only six lots were withdrawn prior.
Stock was sold on behalf of Birmingham City Council, Walsall Council, West Midlands Police, RBS, the Ministry of Justice, investment companies, developers and private clients.
“Cash is king in times of economic uncertainty and sale by auction gives the seller certainty and speed in a post-lockdown world,” said managing director Ian Tudor.
Successes included a vacant shop with residential uppers (lot 5) in Kingstanding, offered on behalf of Birmingham City Council, which made £190,000 from a guide of £75,000-plus.
The council’s former neighbourhood office and car park in Saltley (lot 6) fared even better, selling for £249,000 from a guide of £100,000-plus.
Walsall Council’s former library in Walsall Wood (lot 7) was offered with a guide price of £175,000-plus and sold for £319,000.
For West Midlands Police, a former neighbourhood police base in Bilston (lot 8) sold for £181,000 from a guide price of £150,000-plus.
A former bank in Belper, Derbyshire (lot 30), achieved £245,000 from a guide of £200,000-plus.
And in Birmingham city centre, a self-contained office building at 49 George Street (lot 90) sold prior for well in excess of its £275,000 guide.
A detached office unit in Coleshill (lot 93) sold for £220,000 from a guide price of £200,000-plus.
Tudor said: “These two lots in George Street, Birmingham, and Coleshill, were purchased for owner occupation, suggesting demand remains for small, self-contained offices, despite many still working from home.”
Residential development opportunities sold well, including The Old Stables (lot 114), a detached commercial building with planning for residential development in Sandiacre, Nottingham, which achieved £124,000 off a guide of £100,000-plus.
On the residential side, lots were sold from across the UK, including London and the South East. In Edmonton, N9, a three bedroom, mid-terraced house (lot 61), offered on behalf of the LPA receiver, raised £347,500 from a guide of £200,000-plus.
Bond Wolfe Auctions’ next online auction will take place on Wednesday 28 October.
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